add to the efficiency of the work of the department. The same view is expressed in their reports by some of his colleagues in the Faculty. The President shares this view and hopes that a suitable form of organization may be worked out in the near future. THE LIBRARY The University possessed on June 30th last, 339,701 volumes and 51,000 pamphlets. All the pamphlets and 296,357 volumes were housed in the spacious building erected for the general library by the late Henry W. Sage. The accessions during the year 1906-1907 aggregated 13,616 volumes and 1,500 pamphlets. Of the accessions to the general library, 3.177 volumes were gifts. Some of the more important gifts from individuals and from governments are mentioned in the librarian's report (Appendix XV), the list being headed by the donation from Hobart C. Chatfield-Taylor, of the class of 1886, of his "interesting and valuable Molière collection, numbering one hundred and fifty volumes and comprising the works used by him in writing his Life of Molière." All The total recorded use of the general library has risen during the year from 108,599 to 116, 179 volumes. This is exclusive of the use made of the circulating library from which the number of volumes taken for home use was 3,991. students of the University are permitted to take books for home use from the circulating library; but from the general library borrowers for home use are limited to University officers, graduates, seniors, and juniors. The object in establishing a separate circulating library was to cultivate the reading habit among undergraduates. The librarian is of the opinion that the year's experience has justified the new departure. Books taken home by students are of course mainly in the field of light literature and of all volumes borrowed 59% were works of fiction. FINANCES Excluding the Medical College in New York City, the productive funds of the University amounted on August 1st, 1907, to $8,550,916.84. The corresponding figures for August 1st, 1906, were $7,839,874.42. The increase was due principally to the receipt from the executors of the Willard Fiske estate of $488,531 toward the endowment of the Library and $105,000.00 from the executors of the F. W. Guiteau estate in augmentation of the F. W. Guiteau Student Loan Fund. The productive funds are invested as follows in municipal bonds $1,515,500.00, in State of New York scrip $688,576.12, in foreign government bonds $386,280.00, in national bank stock $63,000.00, in steam railroad bonds $1,019,500.00, in steam railroad equipment notes $440,000.00, in traction bonds $709,500.00, in miscellaneous corporation bonds $1,222,500.00, in stock other than bank $183, 100.00, in loans on collateral $288, 240.00, in real estate mortgages $1,515,538.48, in land contracts $182,914.95, in real estate $106,866.26, in special deposits $33,248.81, in advances on sundry accounts $159,765.86, in cash $36,386.36. The rate of interest upon invested funds (including cash) actually received fell from 5.18% for the year ending on August 1st, 1906, to 4.97% for the year ending on August 1st, 1907. This rate was credited on all special funds, the deduction of 5% for the insurance or surplus account being made only from general University funds on which the rate credited was 4.79%. Although there was a decline in the rate of interest, as already indicated, the University was able, especially during the latter part of the financial year, to make a number of very good investments on account of the unusually favorable conditions of the market. It is inevitable, however, that the high rates of interest now received on old investments must, when these run out and new securities are purchased, be considerably reduced. During the year just closed the amount of investments at 6% has fallen from $1,145,584.36 to $1,110,785.44 and at 5% from $513,978.56 to $295, 157.13. The Treasurer's Report for last year showed securities in hand August 1st, 1906, aggregating $7,926,813.93. There were sold or paid off during the year up to August 1st, 1907, bonds, notes, and stocks amounting to $836,093.10. And during the same period the following securities. were purchased: Metropolitan St. Ry. Co., Gen'l Mtg., 5% bonds.... 25,000 00 N. Y. Gas, Elec. Lt., Heat & Pow. Co., 1st. Mtg. 5% 25,000 00 Brooklyn Union Elevated R. R. Co., 1st Mtg. 5% 25,000 00 Detroit City Gas 5% Bonds 19,000 00 26,000 00 Evansville & Terre Haute, 4%% Equip. Bonds 25,000 00 35,000 00 Seaboard Air Line, 5% Equip. Notes. St. Paul, Minn. & Man., Con. 43% Mtg.. Chicago, St. Paul, Minn. & Omaha, Con 6% Mtg. Scioto Valley & New England, 1st 4% Mtg.. 10,000 00 10,000 00 30,000 00 10,000 00 4,000 00 500 co Long Island R. R. Co., 1st Con, 5% Mtg. 10,000 00 Chicago, Milwaukee & St. Paul, 5% Terminal. 10,000 00 West Va. & Pittsburg, 4% Mtg. 10,000 00 Delaware River Ferry Co., Sinking Fund 5%. Wheeling & L. E., 2nd Pfd. Stock N. Y. C. & H. R. R. Co., Stock....... St. Louis & San Francisco, 4%1⁄2 Equip Notes.. Rep. Iron & Steel Co., 1st and Col. Trust 5% Mtg. Sundry Bonds and Mortgages. Western Land Contracts- Sales during year. Increase in Campus Cottage Account. Increase in Foreclosure Account Increase in Cash Item. Increase in Cash Advances. 1,500 00 15,800 00 300 00 25,000 00 25,000 00 6,500 00 4,000 00 50,000 00 25,000 00 10,000 00 25,000 00 25,000 00 25,000 00 23,000 00 25,000 00 25,000 00 20,000 00 25,000 00 25,000 00 25,000 00 50,000 00 60,000 00 25,000 00 25,000 00 34,000 00 20,000 00 24,000 00 40,000 00 23,000 00 50,000 00 5,000 00 1,235,600 00 118,300 00 4,226 00 80,750 00 2,757 67 1,197 84 11,475 36 5,889 14 1,460,196 01 The revenues and expenditures of the University for the year 1906-1907 are exhibited in the following condensed statement which appears for the first time in the Treasurer's report : |